Group Health Insurance
for your employees
Discover the comprehensive advantages of group health insurance and make an empowered decision for your team’s well-being.
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Table of Contents
What is Group Health Insurance?
Group health insurance is a policy that provides health benefits to a specific group. Groups such as employees of a company or members of an organization. This coverage lets employers or groups provide healthcare at a more affordable rate. This is possible because the risk is shared among a larger group, which leads to lower costs for premiums.
Different kinds of groups can benefit from this insurance, including company employees, community members, or participants in a non-profit organization.
Think about a small business owner with a team of 20 employees. They may opt for a group cover to provide insurance to their staff. By doing so, the employees gain access to medical benefits like hospitalization, doctor consultations, and prescription medications at reduced costs. The employer benefits by offering a valuable perk, which can help attract and retain talent while improving the overall well-being and productivity of their team.
Why Group Health Insurance?
Group insurance offers numerous advantages for both employees and employers. It provides equal access to quality healthcare and helps protect against rising medical expenses. GHI also provides a safeguard to group members against financial losses due to hospitalisation.
For Employers:
- Attract and Retain Top Talent:
Offering employee health insurance as a benefit demonstrates your company’s commitment to employee well-being. This can help attract top talent and increase employee retention. - Value for Money and Tax Benefits:
Group insurance policies often come with lower premiums and tax incentives for businesses, making it a cost-effective investment. - Boost Focus and Job Satisfaction:
Providing a comprehensive benefits package, including health insurance, can improve employee job satisfaction, morale, and productivity.
For Employees:
- Smooth and Easy Claims Process:
Group insurance plans often include wellness programs that cover routine medical exams, health education, consultations with doctors, as well as special savings on medications, gym memberships, and other added advantages.
- Family Coverage at No Additional Cost:
Many group health plans allow employees to add family members at no extra cost, fostering goodwill and increasing employee satisfaction. - Preventive Healthcare:
Group insurance plans often include wellness programs that may cover routine health checkups, consultations with doctors, etc. Not only this, group plans may also offer special savings on medications, gym memberships, and other added advantages.
Group insurance safeguards employees and their families from unforeseen medical emergencies, reflecting the company’s dedication to their employees’ well-being. This contributes to a positive work environment, enhances employee satisfaction, and boosts productivity.
Choosing a comprehensive Group Health Insurance plan is a beneficial investment for both employer and employees. It not only enhances the company’s reputation but also greatly enhances the well-being of employees.. By emphasizing health and well-being, employers foster a compassionate and supportive workplace culture that attracts and keeps high-performing employees. Additionally, they can also take advantage of corporate tax benefits.
Who should buy Group Health Insurance?
There’s no “one size fits all” when it comes to group health insurance. Companies of all sizes can benefit from these policies, especially when providers offer solutions tailored to each team’s unique needs. A minimum group size of 2 with Healthysure allows even the smallest of teams to access comprehensive coverage.
Early Stage Startups:
Group Health Insurance (GHI) is a great option for early-stage startups, even for teams as small as two members. Offering GHI to employees helps attract top talent from the start and shows a commitment to their well-being. This sets a solid foundation for the future growth of the startup.
Small and Medium-Sized Enterprises (SMEs):
For rapidly growing Small and Medium Enterprises (SMEs), managing insurance administration can be a daunting task. With Group Health Insurance, businesses can simplify this process, focusing more on crucial projects, while still prioritizing their employees’ health.
Large Organizations:
Large organizations must compare their existing insurance policy with industry standards to offer improved benefits at a more affordable cost. Expert assistance can help analyze existing policies and guide decision-makers through a personalized insurance renewal journey.
Because of so many corporates, MSMEs and startups purchasing GHI for their employees, it is often called as Corporate Health Insurance.
Did you know?
The COVID-19 pandemic has significantly highlighted the importance of health, prompting the Indian government to take action. As of April 2020, it became mandatory for all commercial and industrial offices, workplaces, and establishments to provide group health insurance to their employees. This requirement ensures improved access to medical care and enhances the protection of the workforce.
Features of Group Health Insurance
Best-in-class affordable health insurance plans for your employees
Customisation:
Customise plans according to your team’s needs. Change the sum insured, covereage and other fine details like maternity coverage and PED coverage of the policy.
Flexible Coverage for Family Members:
Depending on the selected plan, employees have the option to include their spouse, children, parents, and parents-in-law in their insurance plan.
No Medical Checkup Required :
No medical screening is required under the group health plan.
Waived Waiting Periods:
Group health insurance plans typically eliminate waiting periods for pre-existing conditions. This ensures immediate coverage for critical illnesses, maternity needs, cataract treatments, and more.
Pre Existing Diseases:
With group health insurance, employers can decide on covering pre-existing diseases.
Cashless Process:
With group health insurance plans, employees can enjoy a cashless process for receiving treatment at any network hospital. They no longer have to worry about upfront payment, which significantly reduces their financial burden.
Pre and Post-Hospitalization Coverage:
Group medical plans often cover expenses incurred before hospitalization and after discharge, ensuring comprehensive protection for employees.
Added Health Benefits:
Many group health policies include additional health benefits, such as outpatient consultations, routine health check-ups, and mental wellness support. These features encourage employees to proactively take care of their health
How is group medical insurance different from individual health cover?
Group Health Insurance
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Lower premium
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Cover pre-existing diseases
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No waiting period
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Maternity benefits
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New born coverage from day 1
Individual Health Insurance
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Higher premium
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Does not cover pre-existing diseases
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2-4 years waiting period
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No maternity benefits
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New born coverage from day 91
When choosing between Group Health Insurance and Individual Health Plans, it’s essential to understand the key differences between the two. Here’s a comparison to help you make an informed decision:
Premium Cost
Group: Lower premiums due to risk being spread across the group.
Individual: Higher premiums since only one individual and their dependents are covered.
Pre-existing Diseases
Group: Covers people with pre-existing diseases.
Individual: Does not cover pre-existing diseases, making affordable plans difficult to find.
Policy Structuring
Group: Company structures a common policy for all employees.
Individual: Allows policy structuring according to personal preferences.
Waiting Periods
Group: Plans can be claimed from day 1.
Individual: Typically includes a 30-day waiting period.
Added Benefits
Group: Benefits chosen by the company, with some exclusive to group policies (e.g., telehealth consultations, wellness sessions).
Individual: Allows choice of benefits best suited for the individual and their dependents, but may require added costs for extra coverage.
Choosing the Right Group Health Insurance Plan for Your Employees
Quick and Easy Access:
When selecting a group health insurance plan, prioritize accessibility and convenience. Look for a plan that offers easy access to healthcare providers, digital resources, and doctor consultations. This ensures that employees can efficiently manage their health and receive timely assistance when needed.
Affordable Premiums with Comprehensive Benefits:
Compare the costs and benefits of various corporate insurance plans to find one that meets your budget while providing comprehensive coverage. Avoid simply selecting the cheapest option; instead, look for a plan that balances affordability with essential benefits.
Round-the-Clock Support:
Choose a corporate insurance plan that offers 24/7 support for both consultations and claims assistance. Having a dependable support system in place ensures that both you and your employees receive assistance whenever it is needed. This not only brings peace of mind but also minimizes disruptions to your business operations.
Effective Communication:
Select an insurance provider that excels in communication, offering clear, transparent, and timely updates throughout the process. It is crucial to collaborate with a pleasant, experienced, and well-equipped insurer. This fosters trust and enables effective resolution of any challenges that may arise.
Customization and Flexibility:
Opt for a group health cover that allows customization to suit the unique needs of your organization and employees. This includes options for coverage, add-ons, and family inclusion, ensuring that the plan caters to your workforce’s diverse requirements.
Reputation and Financial Stability:
Before finalizing an insurer, it is important to thoroughly research their reputation, customer reviews, and financial stability. This ensures that they can effectively handle claims and provide the necessary support your employees require. A trustworthy insurance provider will contribute to a positive experience for both you and your employees.
Group Health Insurance Plans for your employees
With Healthysure, you get to customize your corporate plan according to your needs. You have complete control over the sum insured and can personalize the specific details of your group health insurance. This includes options like maternity coverage, room rent capping, and the ability to selectively include family members.
The plan also depends on the demographics of the group (like age range).
Whether you are renewing your policy or buying it for the first time also affects the premium.
Our team at Healthysure understands your requirements and then gets you the best quotes from the insurers.
Insurance companies : Some stats
| Insurer | Claim Settlement Ratio | Cashless Hospital Network |
|---|---|---|
| Acko General Insurance | 99% | 6,500+ |
| Aditya Birla Health Insurance | 99% | 10,000+ |
| Bajaj Allianz General Insurance | 99% | 6500+ |
| Care Health Insurance | 99% | 8,350+ |
| Edelweiss General Insurance | 99% | 6500+ |
| Future Generali India Insurance | 99% | 6,000+ |
| Go Digit General Insurance | 99% | 8,500+ |
| ICICI Lombard General Insurance | 99% | 6,500+ |
| IFFCO Tokio General Insurance | 99% | 7,500+ |
| Magma HDI General Insurance | 99% | 6,000+ |
| ManipalCigna Health Insurance | 99% | 6,500+ |
New India Assurance | 99% | 6,500+ |
| Niva Bupa Health Insurance | 99% | 8,600+ |
| The Oriental Insurance | 99% | 6,500+ |
| Raheja QBE General Insurance | 99% | 8,500+ |
| Reliance General Insurance | 99% | 8,300+ |
| Star Health & Allied Insurance | 99% | 8,500+ |
| Tata AIG General Insurance | 99% | 7,200+ |
Why buy from Healthysure
Providing employees with affordable and high quality healthcare benefits they deserve.
Seamless user experience
Seamlessly manage your employee and their benefits with our employee benefits management platform.
Dedicated personalised support
Chatbots and automated replies are fine, but you also get a dedicated relationship manager.
Affordable and Customisable plans
Our partnerships with insurers allows us to get the best pricing for you.
Optional Addons
Offer your employees more than insurance with Healthysure. Gym memberships, health checkups, teleconsultations, etc.
🤝 Partnered with the best insurers
Healthysure has partnered with India’s leading insurance companies, enabling us to provide you with the best group health insurance quotes tailored for your team’s needs.
Flexi Top-up Insurance
Our industry first product, Flexi-Topup Insurance is a ₹30 Lakh top-up with lifetime renewability with post-employement continuity options. Give your employees the flexiblity to voluntarily upgrade and add family members. Plans start at ₹883/year.
5 Star Claim Experience with Healthysure
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Dedicated 24*7
claims support
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FAQs
Yes, as per an April 1, 2020 circular issued by the Insurance Regulatory and Development Authority of India (IRDAI), it is mandatory for employees to provide health insurance to their employees.
With Healthysure, you can get health insurance coverage for as low as 2 members.
The benefits of group medical insurance for employees include:
Comprehensive coverage: Group health insurance plans often provide extensive coverage, including pre-existing conditions, critical illnesses, and maternity care, ensuring that employees and their dependents are well-protected.
Lower premiums: Group insurance plans generally come at lower premium rates compared to individual policies, making them more cost-effective for both employers and employees.
No waiting periods: Many group health insurance plans waive off waiting periods for pre-existing conditions, allowing employees to access coverage for certain treatments from day one.
Cashless treatment: Group insurance plans typically offer cashless treatments at network hospitals, reducing the financial burden on employees during medical emergencies.
Inclusive coverage: Employees can often include their family members, such as spouses, dependent children, and parents, under the group policy, extending the benefits to their loved ones.
Employee retention and satisfaction: Offering group health insurance can help employers attract and retain top talent, as employees value companies that provide comprehensive health benefits and wellness programs.
Improved productivity: Employees with access to quality healthcare are more likely to maintain good health, leading to increased productivity and reduced absenteeism in the workplace.
Overall, group medical insurance offers numerous benefits to both employees and employers, promoting a healthier work environment and fostering a strong sense of security and well-being among the workforce.
Group medical insurance offers numerous benefits for employers, including increased employee satisfaction, tax advantages, and enhanced productivity. Providing health coverage fosters a supportive work environment, helping attract and retain top talent. Employers can also enjoy certain tax savings, as premium contributions are typically tax-deductible. Additionally, healthier employees result in reduced absenteeism and increased efficiency, contributing to the overall success of the company.
Group health insurance policies are designed to provide healthcare coverage to a group of individuals, usually employees of a company. The employer selects a policy from an insurance provider, which then offers coverage to eligible employees and, in some cases, their dependents. Group insurance premiums are more affordable compared to an Individual policy with similar benefits. The policy outlines the benefits and coverage limits, and claim settlements are made directly between the insurance provider and the healthcare provider. Group health insurance offers cost-effective coverage, simplified administration, and access to quality healthcare for employees.
Group health insurance policy costs depend on factors such as the number of employees, sum insured, and selected benefits. To find the most suitable plan for your team, reach out to the Healthysure team for personalized quotes. Our experts will consider your company’s unique needs and guide you towards the ideal group health insurance plan, ensuring comprehensive coverage and cost-effective solutions for your organization.
Yes, small businesses can definitely take advantage of employee medical insurance. Healthysure is dedicated to making insurance more accessible and affordable for businesses of all sizes. With a minimum group size of just two, Healthysure enables even the smallest businesses to provide their employees with comprehensive health coverage. Contact our team today to learn more about our tailor-made solutions for your small business’s group health insurance needs.
While health check-ups are not mandatory to purchase group health insurance, Healthysure offers the option to include them in your plan. Employers can purchase health check-up plans as add-ons, providing a more comprehensive employee benefits package. These added benefits can include routine examinations, diagnostic tests, and preventive screenings, fostering a healthier workforce, and demonstrating your company’s commitment to employee wellbeing. Reach out to Healthysure for tailored solutions that cater to your organization’s unique needs.
A waiting period in group health insurance refers to the time an employee must wait before their coverage begins. Group Health Insurance provides your employees with a zero waiting period meaning employees enjoy immediate coverage upon enrollment in the plan.
Yes, you have an option to cover pre-existing diseases with group insurance.
Yes, GHI or Group Health Insurance is very frequently referred to as corporate insurance because it covers groups of employers employees. It is also know as group mediclaim or employee insurance
Yes, the insurance company pays the medical bill (upto the sum insured) of the members of the group as long as the claim falls under the covered benefits.
Have more question regarding your existing policy or the the plan that works for your team? Let our group health insurance experts help you!
